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As US President Donald Trump travels to Beijing to meet Chinese President Xi Jinping, we look at the tensions and the relationship between the world’s two biggest economies.

Presenter: Will Bain, Michelle Fleury and Rahul Tandon
Producer: Gideon Long

(Photo: US President Donald Trump shakes hands with Chinese President Xi Jinping in Busan, South Korea, 30 October, 2025. Credit: Evelyn Hockstein/Reuters)

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The UK’s largest luxury watch retailer hailed a 13 per cent jump in revenue to £1.8bn in the year to May

Shares in Watches of Switzerland soared after the company announced record revenue growth, driven by affluent Americans snapping up luxury timepieces.

The UK’s leading luxury watch retailer reported a 13 per cent rise in revenue to £1.8bn for the year ending May, with its US market alone posting a 24 per cent increase to £1.2bn.

Shares in the FTSE 250 company leapt 13 per cent to 600p when markets opened on Thursday, putting the stock up 28 per cent for the year to date.

The retailer had faced headwinds from Trump’s unpredictable tariff policy over the past 18 months, yet has successfully capitalised on booming demand across the Atlantic, which it describes as the world’s largest and fastest-growing luxury watch market.

Watches of Switzerland posted 25 per cent growth in its US retail market, while revenue at Roberto Coin — the Italian luxury jeweller it owns — surged by 22 per cent, as reported by City AM.

The US emerged as the firm’s largest market, with revenue climbing to £927m, while UK revenue grew by five per cent to £901m.

The Leicestershire-based retailer said it had succeeded in strengthening its domestic performance despite consumer confidence falling to a two-year low.

Chief executive Brian Duffy celebrated “a major milestone in the world’s largest and fastest growing luxury watch market, achieved in just over eight years from entering the US”.

He said: “In the UK, performance has improved despite the challenging macroeconomic backdrop, with resilient demand for luxury watches and jewellery.”

The toll being inflicted on some luxury giants by the decline in tourism after the Iran conflict was laid bare last month, when the owners of brands such as Gucci, Louis Vuitton and Birkin saw the situation dent their revenues.

However, Watches of Switzerland insisted it will not be pulled down by the conflict, noting it has minimal exposure to tourist consumers and to the Middle East market.

The company recently snapped up Texas-based luxury jeweller Deutsch & Deutsch and reported strong performance across its four US locations.

The outlets, which predominantly deal in Rolex watches, have delivered £16m in revenue since the acquisition, while the transaction pushed Watches of Switzerland’s net debt up to £57m.

The business was established in 1924, when Maurice Lane opened its first office in Ludgate Hill, London.

BEIJING — President Donald Trump and Chinese President Xi Jinping concluded two days of high-stakes talks in Beijing on Friday with modest agreements on agricultural purchases and new trade dialogue mechanisms, but failed to achieve significant progress on core disputes including Taiwan, technology restrictions and China’s role in easing tensions over Iran.

The summit, Trump’s first visit to China since 2017, wrapped up after roughly four hours of formal discussions and side meetings at the Great Hall of the People. Both leaders described the talks as “productive” and “candid” in separate readouts, but analysts characterized the outcome as a tactical stabilization rather than a substantive reset in the world’s most consequential bilateral relationship.

Trump, flanked by U.S. tech executives including Elon Musk, Tim Cook and Jensen Huang, secured commitments from China for increased purchases of American soybeans, energy products and Boeing aircraft. White House officials described the deals as “tangible wins” for American farmers and manufacturers, though the exact dollar figures were not immediately disclosed. The two sides also agreed to establish new bilateral boards on trade and investment to monitor implementation and resolve disputes — mechanisms reminiscent of previous attempts that often faltered.

Xi emphasized “mutual respect” and warned that differences over Taiwan could lead to conflict if not managed carefully. Chinese state media highlighted Xi’s firm stance on sovereignty issues while portraying the meeting as a step toward stable relations. No breakthroughs were announced on U.S. arms sales to Taiwan or semiconductor export controls, two persistent flashpoints.

On Iran, Trump pressed China to use its influence to help reopen the Strait of Hormuz and support diplomatic efforts amid ongoing disruptions. Beijing offered symbolic language calling for calm but stopped short of concrete commitments, prioritizing its energy security interests as Iran’s largest oil customer. U.S. officials described the discussions as “constructive” but acknowledged limited movement on the issue.

The presence of top American CEOs underscored the commercial dimension of the trip. Musk, Cook and Huang participated in side meetings focused on market access and supply chain stability. Tesla’s Shanghai operations and Apple’s manufacturing footprint in China give these executives direct stakes in any easing of tensions. No specific new deals involving their companies were announced, but sources indicated productive conversations on investment frameworks.

The atmosphere was notably more restrained than Trump’s lavish 2017 state visit. No “state visit-plus” pageantry or major cultural spectacles were featured this time, reflecting cooler bilateral ties shaped by years of tariffs, technology competition and military posturing. Security around the event was tight, with significant portions of Beijing locked down.

Global markets reacted with cautious optimism. U.S. futures showed modest gains, while Asian indices found support on hopes for reduced uncertainty. Oil prices remained elevated due to ongoing Hormuz concerns but eased slightly on expectations of continued dialogue.

Domestic political reactions varied. Republican allies praised Trump for engaging directly with Xi and securing purchase commitments. Democratic critics called for a more multilateral approach and greater emphasis on human rights and strategic competition. In China, state media framed the summit as evidence of Beijing’s global centrality and willingness to cooperate on equal terms.

The summit’s modest deliverables align with lowered expectations set by both sides in advance. Analysts from Goldman Sachs and other institutions had predicted limited breakthroughs, focusing instead on tactical agreements and confidence-building measures. The creation of new trade and investment boards aims to provide structured follow-up mechanisms, though similar bodies in the past have produced mixed results.

For Trump, the trip offers optics of strong personal diplomacy and economic wins ahead of midterm elections. For Xi, hosting the first U.S. presidential visit in nearly a decade projects strength and stability during China’s economic transition. Both leaders have met multiple times since Trump’s return to office, establishing a working rapport built on transactional deal-making.

The two-day schedule included bilateral meetings, a welcoming banquet and limited cultural elements. Trump’s delegation pushed for reciprocal economic deals, while Chinese counterparts stressed non-interference and mutual respect. No joint press conference was held, with each side releasing separate statements emphasizing their priorities.

Broader implications extend beyond the immediate outcomes. The summit sets the tone for U.S.-China relations through the remainder of Trump’s term. A smoother-than-expected meeting could open doors for future cooperation on global issues, while unresolved tensions risk hardening positions on Taiwan, technology and trade.

As Trump departs Beijing, the focus shifts to implementation of agreed purchase commitments and the effectiveness of new dialogue mechanisms. Markets, businesses and allies will closely monitor whether this summit marks a genuine step toward managed competition or merely a temporary pause in escalating rivalry.

The Trump-Xi relationship has defined much of global politics in recent years. This Beijing meeting, though more restrained than previous encounters, carries significant weight for the international order. Incremental progress on trade and energy issues provides cautious optimism, but deep structural differences remain unresolved as the world’s two largest economies continue navigating complex interdependence and strategic competition.

Unknown Executive

Hi everyone. Greeting, everyone. Welcome to Asia X (sic) [ AirAsia X] First Quarter Results briefing. Today here with me, I have Bo Lingam, Group CEO; Farouk Ahmad, Deputy CEO; Kar Chuan, Group CFO; Lavinia, Group Head of Finance; Amanda, Chief Commercial Officer.

The Bursa results has just been uploaded, and we would like to go through the results. But before that, I can give you some reporting structure guide. [Technical Difficulty]

So in — on 16th January, we completed the acquisition by AirAsia X of acquiring AirAsia Berhad and AirAsia Group. However, under accounting standard [Technical Difficulty] — however, under accounting standard, this is treated as a reverse accounting. For reporting purposes, AAGL (sic) [ AAAGL ] is treated as the acquirer. In the Bursa statement that you will see today, there is no comparative P&L and cash flow as it is not an apple-to-apple comparison. So therefore, we have only the first quarter 2025 comparatives for P&L and cash flow.

As for the balance sheet, the 31st December 2025 actually refers to only AAAGL, which is the Thai, Indonesia, Philippines and Cambodian entities, but excludes the original AirAsia X and AirAsia Berhad. Therefore, it does not represent the enlarged group. And at the back of this presentation, we have included the pro forma financials for your guidance in terms of when one to do the comparison. I’ll pass the presentation to Farouk.

Farouk Kamal

Hi, good evening, everybody. So I’ll just run through the presentation before we go to questions. The

Operator

Good morning, and welcome to LPA’s First Quarter 2026 Earnings Conference Call. My name is Ellie, and I will be your operator for today’s call.

[Operator Instructions] And please note that this call is being recorded. [Operator Instructions] Now I would like to turn the call over to Mr. Camilo Ulloa, Investor Relations. Please go ahead, sir.

Camilo Ulloa
Investor Relations Officer

Welcome to LPA’s First Quarter 2026 Earnings Conference Call. My name is Camilo Ulloa with LPA’s Investor Relations team. Joining me on today’s call are Esteban Gaviria, our Chief Executive Officer; and Paul Smith, Chief Financial Officer.

Before we proceed with a review of LPA’s financial and operating results, please note that the information presented during this call is intended for informational purposes only and does not constitute an offer to buy or sell any securities.

Forward-looking statements made during this call are subject to a number of risks and uncertainties, which are discussed in LPA’s filings with the SEC. Our actual results, performance and prospective opportunities may differ materially from those expressed or implied in these statements. We undertake no obligation to update or revise any forward-looking statements after this call.

We have prepared supplemental materials that we may reference during the call. We encourage you to visit our website, ir.lpamericas.com, to download these materials. Please also note that all comparisons that we will discuss during today’s call are year-over-year unless we note otherwise. Esteban will begin

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Meal prepping is supposed to save us time, money and stress. It is a huge trend on social media, but how can we make it work in our own real, messy lives?

Ruth Alexander meets Hannah, a busy working mum who wants help to make meal times easier, quicker and more varied. Could batch cooking be the answer?

On hand to offer advice and inspiration are Jess Rice from the US website Budget Bytes and Kevin Curry, who has around two million followers across his Fit Men Cook social media accounts.

And if you have ever wondered whether those leftovers are safe to eat, or how long you should leave hot food cooling on the kitchen counter before you freeze it, there is advice from Natalie Stanton, who trains chefs in food safety.

If you would like to get in touch with The Food Chain team, please email thefoodchain@bbc.co.uk

Producer: Lexy O’Connor

Sound engineer: Hal Haines

(Image: A food container with chicken and vegetables being opened by a woman’s hands. Credit: Getty Images)

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Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Compensation picks are one of the more misunderstood mechanisms in the AFL draft system. They sit somewhere between a consolation prize and a strategic asset. The AFL awards them to clubs that lose key players through free agency without bringing equivalent talent through the door. For supporters trying to make sense of why their club suddenly holds an extra second-round selection, or why a rival has jumped ahead in the draft order, compensation picks are usually the answer.

This article breaks down how they work, when clubs receive them, why they have become such a significant part of list management, and how clubs use them in practice.

The basic idea behind compensation picks

When a player leaves a club through unrestricted or restricted free agency, that club loses an asset without receiving anything tangible in return. Trading at least gives the losing club picks or players. Free agency does not.

To soften the blow, the AFL introduced a compensation system in 2012 alongside the free agency rules. The principle is simple enough: if you lose a meaningful player to a rival without acquiring a comparable replacement, the league hands you a draft pick to help rebuild. The pick comes from thin air, slotted into the draft order rather than taken from another club, which means no one is directly punished for the recipient’s gain.

For fans wanting to look more closely at how these picks shape draft strategy, sites covering NRL predictions & tips often track the running tally of compensation selections each off-season, since they can shift the balance of an entire draft class.

How the AFL decides the value of a compensation pick

The league does not publish a precise formula. What we know is that the AFL Football Operations department weighs several factors when determining the band a compensation pick falls into. These factors include:

• The departing player’s salary at their new club
• Their age
• Their service with the losing club
• Whether the losing club has signed a free agent of similar standing

Compensation picks are graded into bands. The bands run from first-round compensation through end-of-first-round, second-round, third-round, and fourth-round compensation. A club that loses a 26-year-old All-Australian on a million-dollar contract will receive a far higher pick than one losing a 31-year-old fringe player on a modest deal.

The compensation is also offset. If a club loses a star but signs a free agent of equal value, the compensation can be reduced or wiped out altogether. The AFL is trying to compensate net losses, not gross ones.

Restricted versus unrestricted free agents

The type of free agency matters too. Restricted free agents are players with eight years of service who fall within the top 25 percent of earners at their club. Their original club has the right to match a rival’s offer and keep them. If the offer is matched, no compensation is needed because no one has left.

Unrestricted free agents have either ten years of service, or eight years plus a salary outside the top 25 percent. Their club cannot match offers, which is where compensation picks become most relevant. The vast majority of compensation selections handed out each year stem from unrestricted free agent departures.

A few notable examples

The history of compensation picks tells the story better than any explanation can. When Lance Franklin left Hawthorn for Sydney in 2013, the Hawks received pick 19 as compensation. Hawthorn had just won a premiership and would go on to win two more, partly because their list was deep and partly because they used assets like that pick wisely.

When Tom Lynch left Gold Coast for Richmond ahead of the 2019 season, the Suns received the first selection of the 2018 national draft as compensation, valued as pick number three overall after academy bids were factored in. Gold Coast turned that pick into Jack Lukosius.

When Jeremy Cameron departed GWS for Geelong, the Giants received pick seven as compensation, which they bundled into trades to acquire other players. Each case shows the system working as intended: a club loses a major piece, and the league hands them something they can either use directly or trade.

Why compensation picks change list management

Before free agency and compensation picks existed, clubs had less flexibility to plan around player movement. A club could lose its best player and receive nothing if that player simply held out and waited for a trade that never materialised.

The current system has changed how list managers think. A club at the bottom of the ladder now has options when a star wants out. They can trade the player and try to extract a haul from a rival club, or they can let the player walk through free agency and bank on a compensation pick that might be just as valuable. The choice depends on what other clubs are willing to offer in trades, how the player feels about the destination, how the AFL is likely to grade the compensation, and where the club sits on the ladder.

This dynamic has made the trade period more interesting, not less. Clubs now bluff each other with the threat of free agency, knowing the compensation pick acts as a floor on the value they will receive.

The criticism and the counterpoint

Compensation picks are not universally popular. Some commentators argue the system favours clubs that fail to retain their best players, effectively rewarding poor list management. Others point out that compensation can be unpredictable, with the AFL’s grading process sometimes producing picks that feel either too generous or too harsh given the player involved.

The counterpoint is that without compensation, free agency would be a one-way door. Star players would walk to bigger clubs in bigger markets, and struggling clubs would have no path back. The compensation pick system is the AFL’s attempt to keep the competition balanced, even if the execution is imperfect.

What to watch for at the next trade period

Each off-season, a handful of free agent decisions tend to dominate the news cycle. Watching how clubs handle these moments tells you a lot about their list strategy. A club that quickly accepts a free agent’s departure and starts planning around the compensation pick is operating differently from one that scrambles to negotiate a trade.

Compensation picks have become part of the language of the AFL trade period. Watch the grading announcements in the weeks after free agency closes, because that is when the next year’s draft order really takes shape.